Now Even Magic Johnson Is Selling His Own Prepaid Card

Being a member of exclusive groups is nothing new for Magic
Johnson: The former Laker famously played for
America's Dream Team in the Olympics, was
imortalized in the basketball Hall of Fame, and has been an
NBA MVP.

Replacing a checking account: For anyone looking
for a card to use as a checking account replacement, the Magic
card isn't a good fit, said Card Hub. The reason: There's no
ability to pay bills online, and old-school billers could not
accept plastic. The better bet is GreenDot Gold Prepaid Visa Card, a
card that's free to use when you load at least $1,000 on it per
month and take out cash from its in-network ATMs.

Teaching children financial literacy: The Magic
card charges a monthly fee of $9.61 if parents wish to use the
card to give their kids an allowance. This fee isn't terrible,
but Suze Orman's card offers the same service for just $3 a
month.

Cashing checks: The Magic card won't be
challenging the Chase Liquid Card as the best check cashing
replacement on the market, said Card Hub. You can't load a check
directly onto the Magic card, so you'd have to cash the check
first, then pay to load funds using a MoneyPak. CardHub
recommends going with Chase Liquid Card instead to avoid the
hassle.

There are two perks to the card, however. The first two ATM
withdrawals per month are free, which could save customers $5 per
month. Plus, there are also no purchase fees, including those for
PIN and signature purchases.